Ajax Engineering, manufacturer of concrete equipment, is set to launch its initial public offering (IPO) for public subscription on February 10. The company has announced a price range of Rs 599 to Rs 629 per share.
The IPO will consist entirely of an offer-for-sale of 2.01 crore equity shares by existing shareholders, with no fresh issue component. As a result, all proceeds from the offering (excluding offer-related expenses) will be allocated to the selling shareholders.
Under the offer-for-sale (OFS), Kedaara Capital, Krishnaswamy Vijay, Kalyani Vijay, Jacob Jiten John, the Jacob Hansen Family Trust, and Susie John will be offloading their respective stakes.
Ajax Engineering has priced its IPO in the range of Rs 599-629 per share, with investors able to bid for a minimum of 23 shares per lot. Up to 50% of the offering is reserved for qualified institutional buyers, at least 35% for retail investors, and a minimum of 15% for non-institutional investors.
ICICI Securities Limited, Citigroup Global Markets India Private Limited, JM Financial Limited, Nuvama Wealth Management Limited, and SBI Capital Markets Limited are the book-running lead managers for the issue.
The Ajax Engineering IPO will open for anchor investors on February 7, with public subscription starting on February 10. The issue will remain open for subscription until February 12. The company is likely to finalize the share allotment process on February 13, and the listing is expected to take place on February 17.
Incorporated in 1992, Ajax Engineering has built a comprehensive product portfolio that includes equipment such as self-loading concrete mixers (SLCMs), batching plants for concrete production, transit mixers for concrete transportation, boom pumps, concrete pumps, and self-propelled boom pumps for concrete placement, slip-form pavers for concrete paving, and 3D concrete printers for depositing concrete.
Ajax is one of the three largest manufacturers of SLCMs globally, holding approximately 75% of the market share in India’s SLCM market.
